- In the Genesis Global bankruptcy case, an unsecured creditors committee has been formed.
- According to a February 3 filing, the committee was appointed by William Harrington, a spokesman for the United States Trustee.
In Genesis Global’s bankruptcy action in the United States, a seven-member committee to represent unsecured creditors has been formed.
The unsecured creditor committee will represent creditors in court. According to a February 3 filing, the committee was appointed by William Harrington, a spokesman for the United States Trustee. The United States Trustee is a Justice Department institution that represents the government in bankruptcy proceedings and assists in the formalization of committees.
Members of the committee are:
- SOF International.
- Teddy Andre Amadeo Gorisse, an individual creditor.
- Digital Finance Group, an investment firm.
- Richard R. Weston, an individual creditor.
- Mirana, an investment arm for crypto exchange Bybit.
- Amelia Alvarez, an individual creditor.
- Bitvavo custody, a crypto exchange.
Genesis Global is the lending division of Genesis Trading. On January 20, it filed for Chapter 11 bankruptcy protection in the United States. The document detailed the company’s top 50 unsecured claims, which totalled more than $3.6 billion. Some of the largest claims, including one for roughly $500 million, are associated with entities whose identities have been erased.
Among the claims were $30 million owed to Plutus Lending, a division of the crypto platform Abra and $53 million owed to VanEck’s New Finance Income Fund.
Mirana and Digital Finance Group are among the creditors on the newly constituted committee from the top 50 unsecured claims list. Mirana’s claim is the fifth-largest on the top 50 unsecured list, with a total value of $151 million.
According to the chapter 11 filing, investment firm Digital Finance Group has a claim for $37 million, while Dutch crypto exchange Bitvavo had to cease repayments after being unable to access 280 million euros ($303 million) held on Genesis Global.
Following the failures of the crypto hedge fund Three Arrows Capital and the FTX exchange last year, Genesis’ lending arm took a financial hit. On November 16, the company froze withdrawals and new loan originations from its lending affiliate.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu